Brazilian markets have plunged after a shock victory by Left-wing candidate Luiz Inácio Lula da Silva raised fears of fresh economic turmoil for South America’s largest economy.

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Lack of profits and the threat posed by western countries are raising concern about the sustainability of Beijing’s AI boom

Trillions of dollars have been wiped from China’s stock markets in recent months amid increasing anxiety about the future of artificial intelligence, as Beijing races against the United States for dominance in the sector.

The STAR 50 Index, which tracks technology and innovation companies on the Shanghai stock exchange, has plunged 40% since June. Other indexes of major companies dropped by about 20% over the same time period.